When looking at the economic impact of the increase in donations to relief agencies that resulted from the terrorist attacks, you will find that GDP
A. was positively affected by this giving.
B. was negatively affected by this giving.
C. was unaffected by this giving.
D. calculations were outsourced to Bangladesh.
Answer: A
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The ratio of nominal GDP to money supply is referred to as:
A) velocity. B) inflation ratio. C) Fischer's ratio. D) price index.
According to the method of growth accounting, which of the following contribute to economic growth?
A) technological progress B) capital growth C) labor growth D) all of the above
Suppose an increase in supply lowers the price from $10 to $8 and increases the quantity demanded from 100 units to 130 units. Using the midpoint method, the elasticity of demand equals
A) 1.17. B) 0.85. C) 0.26. D) 1.56. E) None of the above answers is correct.
Total variable cost ________ as output increases, and total fixed cost ________ as output increases.
A. increases; decreases B. increases; increases C. does not change; does not change D. increases; does not change